Idu Software, the software development arm of the Cape Town-based idu Group, today announced a growth in excess of 300% in software licence revenues for its August year-end results. The core driver behind the phenomenal growth is ascribed to the penetration of its flagship and locally produced product, idu-Concept in the local market.
Idu-Concept focuses on the collection, collation and delivery of financial information, in order to streamline the financial accounting and budgeting processes of businesses. The ease of use and rapid implementation of the product set, coupled with idu`s aggressive local pricing policy, have allowed idu-Concept to make large inroads into the local corporate financial budgeting applications market and is growing stronger in the medium and small enterprise sectors. With a healthy outlook for the next 12 months, it is sure to become a dominant player in the market, particularly against the more costly imported technologies.
Following the release of the results, Kevin Phillips, Managing Director, announced the group`s plans for international expansion, citing the success of the idu-Concept product in the local market and consumer demands as the compelling drivers for expansion.
According to Phillips, the acceptance of the idu-Concept product locally and interest from international players has prompted idu to embark on a process of internationalisation, with direct office presences being opened in the UK and Australia.
"We have learned from our South African operation that our customers place a great value on our local status, being able to deal directly with the supplier of the software allows our clients a manner of security that their requests will not end up inadvertently being lost or shelved for future development. Our locality to our clients is one of our greatest strengths," commented Phillips. "The European and Asia Pacific markets have always been one of our goals in our expansion plans; idu is determined, as a group, to further explore international opportunities in the short- to middle-term."
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